The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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The euro is trading around 1.1512 within an uptrend channel that has been forming since July 24, above the 21-day SMA and the 200-day EMA, and is likely to continue rising in the coming days.
Looking at the daily chart, we can see that the 1.1570 area represents strong resistance, as the 200-day EMA is located there, and this could keep the euro under pressure below this level.
Given that 1.1570 represents strong resistance for the euro, we could look for opportunities to sell in the coming days. In the event of a pullback toward this zone, we can sell with targets at 1.1500 and at the 200 EMA around 1.1454.
Looking at the H4 chart, we can see that the euro has reached overbought levels. A continuation of the downtrend is likely; the euro could find strong support around the 200 EMA at 1.1454 or near the lower band of the uptrend channel. This zone could be viewed as an opportunity to buy the euro, with targets at 1.1570 and, ultimately, at the 7/8 Murray level around 1.1596.
A break below 1.1455 could change the outlook for the euro, and we could expect it to retreat toward the 5/8 Murray level around 1.1352, which could be considered an opportunity to open short positions.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
